Dados is one of the most widely-read social sciences journals in Latin America. Created in 1966, it publishes innovative works, originating from academic research, by Brazilian and foreign authors. Edited by IESP-UERJ, it aims to reconcile scientific rigor and academic excellence with an emphasis on public debate based on the analysis of substantive issues of society and politics.
Dados vol. 53 n. 4 Rio de Janeiro 2010
Abstract
The article discusses the autonomy of Brazil's Central Bank and its potential relationship to the national currency's stability. Beyond the government budget balance and the Central Bank's autonomy, we seek to demonstrate that the currency's stability also depends on the Bank's own political and institutional stability. Due to a gap in the literature, which has focused little attention on the political conditions and economic motivation by which important steps were taken towards achieving autonomy, we analyze the relations between autonomy and stability from a historical-institutional perspective. We call attention to the cyclical nature of the Brazilian economy, which alternates developmentalist policies and stabilization policies and thereby alters the Central Bank's role and degree of autonomy.
Keywords: Brazil, policy, economy, Central Bank, autonomy
DOI: 10.1590/S0011-52582010000400005
Strong institutions, stable currency, and an autonomous Brazilian Central Bank
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